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| CLTA eNews - May 2020
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In This Issue |
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SPONSORS CORNER
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CLTA NEWS
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SACRAMENTO REPORT
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INDUSTRY NEWS
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COURT CASES
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A huge THANK YOU to these continuing Platinum and Gold Sponsors of CLTA's Annual Convention, which was canceled due to developments relating to COVID-19. ...
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As President of CLTA, it’s an honor for me to formally recognize outstanding volunteers in the title industry who have gone out of their way to contribute to CLTA’s efforts to have an impact on policymaking, both in California and Washington, D.C., as well as other efforts undertaken by the association. Normally, these awards would be given to these volunteers at the CLTA Annual Convention ...
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CLTA is pleased to offer the free podcast: Recording in a Pandemic, an audio recording you can listen to now. Please take time to hear how these county recorders are handling the changing guidelines surrounding the coronavirus pandemic. ...
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The CLTA responded to a request from Allan Zaremberg, President and CEO of the California Chamber of Commerce and a member of the Governor’s Business and Jobs Recovery Task Force, to provide the Task Force with ...
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The ALTA requested comments on a draft model insurance privacy act issued as an exposure draft by the Privacy Protections Working Group of the National Association of Insurance Commissioners (NAIC). The CLTA noted that ...
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AB 2424 Proposes Notary Disclosure on the Practice of Law; Secretary of State Takes a Role in Wage Enforcement under AB 3075; Termination of Tenancy to Sell Residential Property Limited by AB 3077; Restrictions on Buyers and Sellers at Foreclosure Sales Proposed by SB 1079; AB 2501 Would Stop Foreclosure Actions and Mandates Forbearance Relief for Loans and PACE Assessments ...
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There were 1,122 legislative bills that failed to meet a critical Friday, April 24 legislative deadline for them to remain alive. Under the Joint Rules of the Legislature, bills that have a fiscal impact must have passed their policy committees and be in the ...
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At its May 21 meeting, the California Law Revision Commission will consider vetting certain types of pandemic-related reforms for expedited recommendation to the Legislature and Governor. Examples include issues related to estate planning, such as extending the ...
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The Los Angeles County Recorder recently generated a policy on the acceptance of electronic signatures and notaries relating to the recordation of documents that is apparently hard to find on their website. Please note that this policy is for LA County ONLY and you ...
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On Friday, May 8, Gov. Newsom issued an Executive Order N-63-20 to extend “critical deadlines that have been impacted by the COVID-19 pandemic.” In a press release, the Governor’s office stated that, among other deadlines, “the order extends for 60 days the expiration ...
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Gov. Newsom suspended until May 6, 2021 tax penalty provisions, including penalties, costs, or interest, for the failure to pay taxes on property on the secured or unsecured roll, or to pay a supplemental bill, before the date and time such taxes became ...
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The Consumer Financial Protection Bureau (Bureau), on Wednesday April 29, took steps to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic by allowing consumers to waive ...
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Today Gov. Newsom held a press conference regarding how California will slowly reopen for business while dealing with the flattening coronavirus and lessening risks associated with the virus. ...
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Fannie Mae announced a COVID-19 payment deferral option for homeowners who experienced a financial hardship due to COVID-19 that was resolved through a forbearance plan and who and are ready to resume their monthly mortgage payments. ...
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The Financial Crimes Enforcement Network (FinCEN) announced earlier this month the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of ...
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On May 4, Californians for Consumer Privacy, the group behind the California Consumer Privacy Act (CCPA) announced that it had submitted enough signatures are valid to put its new initiative, the California Privacy Rights Act of 2020 (CPRA), on the November ballot. ...
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The Financial Accounting Standards Board (FASB) announced a proposed Accounting Standards Update (ASU) that would grant a one-year effective date delay for private companies applying leases and revenue recognition guidance. Comments are due on the proposed ASU by ...
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Gov. Newsom issued an executive order that workers who contract COVID-19 while on the job may be eligible to receive workers’ compensation. The Governor’s executive order creates a time-limited rebuttable presumption for accessing workers’ compensation benefits ...
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The IRS has granted relief until July 15, 2020 for taxpayers engaged in a 1031 exchange. The IRS has extended the 45-Day Identification and 180-Day Exchange Period deadlines for designated “time-sensitive actions” due to be performed on or after April 1 and before July 15. ...
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The Mortgage Industry Standards Maintenance Organization (MISMO) has announced a new Remote Online Notarization (RON) certification program for RON providers and mortgage industry participants. ...
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The L.A. City Council adopted an ordinance effective May 12 prohibiting COVID-19 evictions. During the Local Emergency Period and for 12 months after its expiration the City of Los Angeles is prohibiting eviction of a residential tenant for non-payment of rent ...
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Fidelity Q1 Earnings; First American Q1 Earnings; Old Republic Q1 Earnings; Stewart Q1 Earnings
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Freddie Mac reported last week that its Primary Mortgage Market Survey®, showed that the 30-year fixed-rate mortgage averaged 3.28%, with 30-year rates up slightly and 15-year rates down slightly. ...
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After falling 11.7 points last month, the Fannie Mae Home Purchase Sentiment Index decreased an additional 17.8 points in April to 63.0, its lowest reading since November 2011. Five of the six HPSI ...
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The American Land Title Association’s (ALTA) Market Share Analysis shows that the title insurance industry generated $15.81 billion in title insurance premiums during 2019, compared with $14.84 billion during 2018. California saw a 9.5% increase in premiums in 2019 as ...
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Huang v. Wells Fargo Bank (A152074). After receiving a notice of sale under a deed of trust, plaintiffs immediately provided it to their title insurer to resolve any dispute with defendant. The trustee's sale did not take place as scheduled, and plaintiffs heard ...
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Carmel Development Company v. Anderson (H041005). In this long, complicated case the main holdings are...
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Modesto Irrigation District v. Tanaka (C083430). Defendant's great-grandfather purchased a subdivided parcel that had been part of a larger riparian tract but was no longer contiguous to a river. The deed in this case included the statement "together with all and ...
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Zieve, Brodnax & Steele v. Dhindsa (F079665). In this case, a foreclosing creditor held a first deed of trust and was satisfied in full by the foreclosure sale proceeds. The claimants to the surplus funds were (1) the holder of a second deed of trust granted by the ...
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